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quarterlyOctober-December 2011

al zOrah resOrtsAl Zorah Development Company, a joint venture of Solidere International and the Government of Ajman, presented Al Zorah Resorts project on December 7, covering 5.4 million sq m of land. The development is envisaged to become a hub for hospitality and tourism. Set on the coastline of Ajman, Al Zorah Resorts stretch along a 12 km waterfront. White sandy beaches, mangrove forests, water canals and creek holes will charm regional and international tourists.

Al Zorah master plan and components, as well as the progress achieved in the project development, were announced at an on-site press conference in the presence of HH Sheikh Rashid Bin Humeid Al Nuaimi, Chairman of Al Zorah Development Company, and Dr. Nasser Chammaa, Chairman and CEO of Solidere International, accompanied by senior officials from the Ajman Government, Al Zorah Development Company and SI.

Five districts are to be developed in four phases: City Center with its hotels, offices, retail centers, marinas and large public square; Parkland Resorts, a community of six beachfront hotels and creek-side residences complemented by a 1.6 km stretch of sandy beach and 2 km lagoon frontage; the 18-hole championship Golf Course; Gateway high-rise mixed-use community; and Corniche Village, with villas and townhomes that overlook the sea.

The master plan has been revised: 70% of the land area dedicated to resorts or tourism-related entities, 40% to residences or mixed-use plots, 7% to offices, with 6% to retail. The phase one of the project to be completed in 2014, includes: upscale 160-room 5-star resort; 300-room midscale 5-star hotel; 180-room Tourist Village; 50-room Beachside Village; and the Golf Course; all de-signed by international architects.

PRICE VOLUME

Business & finance

share perfOrmance - 4th quarter 2011

$17

$16

$15

$14

$13

$17

$16

$15

$14

$13

100,000

75,000

50,000

25,000

0

100,000

75,000

50,000

25,000

0

October 3 November 16 December 31

October 3 November 16 December 31

share B | Daily clOsing prices

Share price (US dollars) Trading volume

share a | Daily clOsing prices

PRICE VOLUME

Solidere shares remained under pressure during the quarter, albeit on lower volume, as the local political situation dampened the mood in the local market. This came in spite of some positive news from the Company that recorded major land sales during the quarter. A tentative push around the beginning of December, triggered by some positive reports from the Government, quickly fizzled down as tensions within the Government continued to affect the markets in general.

Share A fluctuated between a low of US$13.40 and a high of US$16.45, closing the quarter at US$14.38, a 5.27% decrease from the previous quarter.

Share B traded between a low of US$13.11 and a high of US$16.28, closing at US$14.50, a 3.71% decrease from the previous quarter. Trading activity decreased as well during this quarter, with around 2.2 million shares of both classes trading in the local market.

GDRs traded on the London Stock Exchange closed at around US$14.29, a 4.98% decrease from the previous quarter.

114,152 103,644119,148

cOnferences Solidere participated in equity investor conferences: Bank of America Merrill Lynch fourth Annual MENA Conference, Dubai, October 26-27; Credit Suisse MENA Confer-ence, Beirut, Novembre 2-3; EFG Hermes MENA Conference, London/New York, November 14-18.

Urban design and master planning depart-ment manager Bachir Moujaes participated in the New Urban Topologies seminar orga-nized by the Swedish Institute of Alexandria and Färgfabriken, a Swedish interdisciplin-ary foundation combining art, architecture and urbanism. Alexandria, October 23-25.

Beirut city center DevelOpment newsA total of 395 projects, representing close to 3,003,229 million sq m of built-up area, are in various stages of development.

status prOJects Bua sq mCompleted 268 1,349,800Under restoration 6 12,543Under construction 38 291,137Awaiting permit 16 132,320Under study 45 798,394No activity 9 23,201Awaiting submission 13 395,834

tOtal 395 3,003,229

sOliDere sales One development lot in Sector D was sold by Solidere in the last quarter. Block 149, Plot 1, cover-ing a land area of 1,922 sq m, was purchased by Park View Residences SAL to be developed into a residen-tial building totaling 11,102 sq m of floor area.

Corniche Village

City Center

Parkland Resort Golf Course

Gateway

al zOrah resOrts master plan

Beirut city center eastern entrance

We are honoured to partner with the Government of Ajman for this prestigious project which will have long-term economic benefits for the Emirate. Our focus is on rolling out a world-class tourism and hospitality des-tination while also offering an unprecedented lifestyle experience for our customers. The sea-front homes, hotels and golf course will become the new benchmark in luxury development not just in Ajman but across the region.

Nasser Chammaa

Chairman and CEO, Solidere International

“

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4

waDi aBOu Jamil

6

Open spaceAll Saints Square

Beirut Corniche

Beirut Marina

Shoreline Gardens

Zeitouneh Square

Santiyeh Garden

Ottoman Wall

Jean-Paul II Square

geBran tueni garDenA commemorative garden was inaugurated in the presence of officials and family members, designed by Vladimir Djurovic the garden is planted with olive trees symbolizing peace and wisdom, with quotes of Gebran Tueni carved into the granite and backlit, December 16

marathOn sunDaysBeirut marathOnThe nineth BLOM Beirut Marathon on November 27 consisted of a 42.2km run, a wheelchair marathon, a relay marathon, a 10km fun run, a kids 5km run and a 1km mums and buggies run. Participants ended the race at Marathon Village on Martyrs’ Square. The marathon, IAAF Bronze Label Road Race, attracted star ath-letes with impressive track records.

i run BeirutA 5km race organized by the United Sports of Lebanon and sponsored by Nike, October 23

Architect GUSTAFSON PORTER, UK

Local Architect IMAD GEMAYEL ARCHITECTS

Civil Engineer BECT

Lighting Consultant PSLAB

Water Features FOUNTAIN WORKSHOP, UK

shOreline walk awarDeD at wafThe Shoreline Walk designed by Gustafson Porter was awarded the Future Projects (Landscape). World Architecture Festival, Barcelona, November 2011.The walk is a sequence of five connected spaces. Placed between the medi-eval street layout and the engineered grid of the new land-filled area.

A continuous white limestone line marks the ground and a pedestrian prom-enade links the five open spaces and re-establishes an East-West connective spine between the new grid places. The promenade is also inspired by the historic ‘Beirut Corniche’, with a flow of walkers, joggers, cyclists and bread sellers; the Shoreline Walk will reconnect and continue it.

A combination of pavement and plants with lighting and water features en-hances the promenade within the urban context. To the south, light colored paving and trees signify ‘dry land’, as it existed before the war. To the north, open areas of dark granite, boardwalks and timber pergolas, water features and rainfall mark the sea’s previous position.

All Saints Square is treated as an intimate, self contained space creating a ha-ven of textures infused with the summer jasmine aroma. Shoreline Gardens, site of the historic ‘Avenue des Français’, provide a contemporary prom-enade. A long linear water feature and pergola unify the space as a meeting point. To the south, Zeitouneh Square now opened to the public, provides a key link to the city. It celebrates a modern Beirut and is a place for cultural events. Santiyeh Garden, an ancient cemetery site, surrounded by buildings on all sides, provides the perfect setting for a green and contemplative oasis.

A later phase, starting with Jean-Paul II Square, will prolong the walk into the Ottoman Wall site, in the New Waterfront District.

art & archeOlOgyThe Bab Idriss Square fountain and Medieval Moat Bridge are among several very interesting features in Beirut Souks open spaces.

restaurantsAmarresBabel BayCappuccinoClassic Burger JointCozmo CaféCro MagnonHäagen-DazsKaram al BahrLina’s ParisMoti Mahal DeluxMywaterfrontPaulSalmontini RivaSignor SassiSt ElmosThe Coffee Bean and Tea LeafZabad by Karim Haidar

retailL’Atelier Art LoungeGS marineNada DebsSelim MouzannarWater Nation Sports Center

christmas marketDecember 13-23

On Beirut new waterfront, Zaitunay Bay was launched by year end, to the joy of families heading over to 17 restaurants and cafés and five retail venues.

The pedestrian decks also include a promenade as well as outdoor resting areas, all accessible through Corniche level entrances with adjacent underground public parking facilities and valet service.

new DestinatiOn zaitunay Bay

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in style

Beirut sOuksnewcOmersAlex ToysBodum DKNY Eden ParkGRID Jouet ClubKurt GeigerYabani

Opening sOOnLibrairie AntoineLufianMAZ

OutDOOr marketSouk El Tayeb, weekly organicproducts

city centernewcOmersChaplin RestaurantEts. NakhléFormes H.Stern Iris Winter GardenSandro News CaféManassehMarniMerlotThirty Seven

Opening sOOnAntoine HakimAntoine Karam house linenBanque Libano-FrançaiseBulgariCreative ClosetsList Liu JoSelamlique

le stay - restaurantinDigO On the rOOf

le stay - Bar

sweet tea

BielIn Shape, October 20-24Art Deco, October 13-16Cooking Festival, November 17-19Security Middle East Show,November 28-30

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festive seasOn

Beirut celeBratesThe city center sparkled with joy during the holiday season. The cel-ebrations, launched on December 3 in Beirut Souks by Solidere chairman Dr. Nasser Chammaa and Nancy Ajram with the lighting of the Christmas tree. Solidere adorned the streets with decorations and celebrated the holidays with activi-ties, boutiques decked the halls with festive window displays. New Year’s eve was celebrated in Ajami and Nejmeh squares, where fireworks lit the skies.

OtherSaint Vincent de Paul Church celebrated nativity by inaugurating the traditional crib, December 22

Christmas markets: Afkart Lebanese Designers, Biel, December 16-22; Zaytounay Bay, December 12-23

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Beirut chants

st elie cathOlicSt Stephanos Melode ChoirNotre-Dame University ChoirAbeer Nehme, Vasilis Saleas & Michel Fadel

st elie marOniteThe Festival’s QuartetGhada ShbeirRaymond GhattasLa Voix d’antanSamar Saleme

st geOrge marOnite Joumana Medawar & Joseph KhalifeLondon Community Gospel Choir

st geOrge OrthODOx St Romanos Choir BeirutSchool of Ecclesiastic Music

st lOuis capuchin Kamila & Zakar KichichianWalid Nahas, PianoTony Hanna & Grace MedawarTania KassisMatteo El Khodr

st marOn gemmayzehConcerto SoaveAntonins University ChoirRania Younes

natiOnal evangelicalImane Homsi, QanounLa Chanterie de BeyrouthFour KnightsGaragatch Children Choir

Beirut chantsThe fourth Sacred Music Festival saw 24 concerts in seven churches of the city center, in various chant-ing styles with the introduction of Gospel for the first time. Beirut Chants brings people together in festive downtown in a message of peace and unity to celebrate the holiday season through a program that features spiritual and ethnic music traditions, which are played out in a variety of Syriac, Byzantine, Armenian and Western classical compositions. Church gates are open wide, full of music and chants during this holy month to rejuvenate your soul and spread good cheer.

ghaDa shBeir

cOncertO sOave

tOny hanna & grace meDawar

tania kassis

JOumana meDawar

nOtre Dame university chOir

schOOl Of ecclesiastic music

waliD nahas, pianO

fOur knights - al fursan al arBaa

imane hOmsi, qanOun

aBeer nehme

micheline aBi samra, Beirut chants fOunDerthe festival’s quartet

samar salame with cOlOnel geOrges herrO

st rOmanOs chOir Beirut

la chanterie De BeyrOuth

matteO el khODr

lOnDOn cOmmunity gOspel chOir

rania yOunes

kamila & zakar kichichian

raymOnD ghattas

garagatch chilDren’s chOir

la vOix D’antan

st sephanOs melODe chOirantOnins university chOir

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BOOks, etc.

salOn Du livreBeirut’s 18th Salon du Livre, orga-nized by the Lebanese syndicate of book importers in partnership with the French Cultural Mission, provid-ed ten days of intellectual exchange. Biel, October 28 – November 7

Under the theme Words of Freedom, this year’s bookfair welcomed Belgium as a guest of honor and Romania as a newcomer represented by Daniela Zeca and Vlad Zografi, as well as 130 international authors and thousands of Lebanese readers.

Salon du Livre is the third largest Francophone bookfair in the world after Paris and Montreal.

BOOksigningsHenry Laurens, La question de la Palestine, vol. IV, Presses de l’USJ

Henry Laurens and Sophie Basch, Discours et articles de Lamartine sur la question d’Orient, Librairie Orientale

Marielle Khayat, Paul Gorra and Diane Mehanna, Losing Touch, Beyrouth des petits métiers, Tamyras

Farid Chehab, Pari pour une conscience nationale, Éditions de la Revue Phénicienne

Samir Frangié, Voyage au bout de la violence, L’Orient des Livres

Tania Rayes Ingea, Beyrouth, le centre-ville de mon père, texte de Gabriel Rayes, Éditions de la Revue Phénicienne

Éric Verdeil, Beyrouth et ses urbanistes, IFPO

Antoine Fischfisch, Formes urbaines et architecturales de Beyrouth depuis le XIXe siècle jusqu’à nos jours, ALBA

Grégoire Sérof, Pointes sèches. Billets parus dans l’Orient-Le Jour sur l’environnement, l’urbanisme et le cadre de vie au Liban, ALBA

Hanan El Cheikh, Toute une histoire, Virgin

Marc Levy, L’étrange voyage de Monsieur Daldry, Virgin

Alexandre Najjar, Kadicha, Librairie Antoine

Nina Jidejian and Mouna Bassili Sehnaoui, L’École de Droit de Beyrouth, Éditions Dar An-Nahar

Leïla Badre, Hélène Sader and Bruno Bioul, L’Archéo-Théma, n° spécial sur la Syrie et le Liban, Infolio

Tania Hadjithomas Mehanna and Houda Kassatly, Lebanon & on, Tamyras

Mathilde Chèvre, La roue de Tarek, Librairie El Bourj

internatiOnal araB BOOkfairThe 55th edition of the Beirut Arabic Bookfair, organized by the Arab Cultural Club with the collaboration of the Lebanese Publishers’ Union, involved more than 200 publishers. This year brought together publications, authors and audiences in all languages for a strong regional showing of literary talent and opportunity. Cultural events included booksignings, book launches, lectures and discussions. Biel, December 3-15

Among participants were Kalimat publishing house (Sharjah), award-winning publisher of Arabic children’s books.

BOOksigningsElisabeth Longuenesse, La crise des classes moyennes au Proche-Orient Arabe, translated to Arabic, IFPO Touma Arida, From Bab Touma to Bliss Gate, Riad Rayess Press

Arabic translation from the Italian poems of Pier Paolo Pasolini, published under the title Zaribat al-khanazir (Pigsty)

lecturesOrganized by Phoenix Center of Lebanese Studies, USEK:Youhanna Khalife, Between Jonas the Martyr and Semiramis

Fady Baroudi, Boulos Khawaja, Abdo Badaoui and Joseph Moukarzel, Asi-l-Hadath Lebanon: History of a Grotto, with the participation of Fady Baroudi and Boulos Khawaja

Beirut art BOOk fairThe third edition of the fair gives an opportunity to delve into art books, from Lebanon and beyond, conferences and conversations with art critics, publishers and teachers. Beirut Souks, October 25-29

BOOksigningsCesar Nammour Resonances, 82 Lebanese Artists reviewed by Helen Khal

Afaf Zurayk, Lovesong

lecturesSamir Sayegh, Design & Arabic Typography

Other BOOksigningsvirginSonya J. Sabah, Etiquette in the City: Beirut, November 3

institutO cervantesTomas Alcoverro, La Historia Desde Mi Balcón, Destino, presented by José María Ferré, Unifil correspon-dant, November 17

sOuk an-naJJarin Arab Youth / social mobilization in times of risk, edited by Samir and Roseanne Khalaf, Saqi Lebanon Adrift / from battleground to playground, by Samir Khalaf, Saqi

lecturesLe développement au Liban entre 1948 et 1972 : histoire et enjeux d’un débat national, Jean-Marc FevretLe roman graphique, Zeina Abi-rached, Kim and Antonio Altarriba, animated by Maya Majdalani

exhiBitiOnsGallimard, 1911-2011 : un siècle d’édition, retrospectiveEsthétique de la prédation, Bruno Accaoui, a tribute to Belgium and BrusselsBeyrouth, un printemps inachevé, by the Samir Kassir foundation in collaboration with CedronaBalades à Paris, photos by Fernand Zacot, IFPO

Beirut exhiBitiOn center In the category Graphics / Branding / Identity, Beirut Exhibition Center won the 2011 Core77 Design Award for the best branding.

art in iraq tODay Curated by Meem Gallery, Dia Al-Azzawi and Charles Pocock, November 23 – December 31

salOua raOuDa chOucair The Retrospective, through November 13

wOrkshOps fOr the yOungArt workshops for children between 7 and 12 years old. Saturdays, 10 am – 12 pm

art & musicBeirut sOuksSlovak Glass and Fashion Fantasy, Jewelry Souk, October 7 Des autres, of others, Katya Traboulsi, The Venue, October 7-22 Raffi Tokatlian sculpture, The Venue, November 1-7Art Now in Poland, The Venue, November 8-21Designers’ Trees, Cynthia Sarkis private collection, Jewelry Souk, December 22 – January 8

pièce unique Entre Vie et Lumières, Edouardo Daher, November 2-12 Beirut Raise your Voice, Hana Kaaki, November 16-26

aiDa cherfan An Art to See and Touch, Hussein Madi, November 11 - December 2 Volare, Marcello Carrozzini, December 9-30

alwane Vibrations, November 4-18 Omissions Sélectives, Zena Assi, November 8-25 Collective exhibition, Farid Awad, Chafic Abboud, Assadour, Vlaminck, Signac, Kisling, Braque, Marie Lau-rencin, November 29 – January 24

ayyamThe Person Within, Asma Fayoumi, through October 15 Through the Looking Glass 2, Mouteea Murad, November 10 – December 31

mark hachemDuplet, painting and sculpture, George Merheb and Daisy Abi Jaber, November 15-29 Epilogue, collective exhibition, December 15 – January 14

mOuawaD museumToi au Printemps, Patrick Renaud, bronze sculptures, October 20-27

ffa private Bank May Rishani, scupltures, November 5 – December 5

q cOntempOraryMalist, Mehmet Ali Uysal, October 6 – November 12 The Golden Angel, 18 Karat gold solid structure, Fadi Yazigi, November 11 – December 3

perfOrming artsBeirut sOuks Jazz festival Philippe El Hage Quintet, October 1Chucho Valdez and the Afro Cuban Messenger, October 6Marcus Miller, October 8

aJami square Live bands, November 4-8

liBan Jazz music hallParis Combo, October 31

granD serailNearly 650 attended Ludovico Einaudi’s concert organised by the Italian Embassy in coincidence with the Independance Day, in the presence of PM Najib Mikati, also a patron of the initiative, Grand Serail, November 30

art in iraq

entre vie et lumières

pOp-up gallery - 24 avenue Du parc

chuchO valDes

marcus millerphilippe el hage

art nOw in pOlanD

Des autres

rafi tOkatlian

cOpyright © 2011 sOliDereThe Lebanese Company for the Development and Reconstruction of Beirut Central District s.a.l.

PO Box 119493 Beirut 2012 7305 Lebanon

Tel 961 1 980650 - 980660Fax 961 1 980661 - 980662

solidere@solidere.com.lb

www.solidere.com

phOtOgraphersMosbah Assi | Ahmad Azakir | Fares Jammal | Mazen Jannoun

visitOrs

visitOrs Officials Turkish Deputy Prime Minister Ali Babajan; Prime Min-ister Najib Mikati with ministers Walid Daouk, Nicolas Nahas, Fadi Abboud, Marwan Kheireddine and Vreij Sabounjian; British ambassador Tom Fletcher; Istanbul mayor Kadri Topbas; Tunisian ambassador Mohammad Fawzi Ballout; AUB vice-president Mohammad Sayegh; MENA director at British Expertise Dominique James; Geneva mayor Pierre Maudet; Canadian commercial counselor John Ormond.

Business DelegatiOnsJulius Baer Group chairman Julius Bär (Switzerland); J.P. Morgan vice president Abhijeet Singh (UAE); Blackeney Management fund managers, Capital Partners senior executives (UK); DWT group representatives (Italy); 10 high-level Saudi representatives, Al Riad Development Authority, Al Riad Dvelopment Company and Commis-sion for Tourism and Antiquities; KPMG senior director Sashikanth Ramakrishnan, Jeddah Holding CEO Moham-mad El Shehri (KSA); five Reich and Petch representa-tives (Canada); Langham Hospitality Group Middle East vice-president Sam-Erik Rutmann; Dutch Council of Tall Buildings CEO and senior executives, IHS director Kees van Rooijen (Netherlands); Lazzar Assets Management senior analyst Ben Wulfson (US).

prOfessiOnals & acaDemicsNYC City Planning director Amanda Burden with chair of the City Planning Commission Pamela Puchalski, international author Philip Jodidio (US); ESPA develop-ment senior associate Paula Perkins, Anouska Hempel designer Carolyne Shenton with Mike Walter, SPA consultant Neil Howard, Halcrow British consultant Paul Brenton, London Community Gospel Choir (UK); Raouf Finan, La Réserve, AM Environment representatives Sophie Rabat with Christian Moreau (France); interna-tional publisher Gerhard Steidl (Germany); Lord Cultural Resources president Barry Lord (Canada); architect geographer Romeo Carabelli with fourty Euromed Heritage4 researchers; 33 architecure students with Professor Lina Ghotmeh, (France); Australian students, Melbourne University.

meDiaTen French journalists with Lebanon Tourism office director in Paris, Serge Akl, TV5 journalist Marie - Ange Horlaville, photo-repotrter Eleonore Bonneval (France); ten international journalists.

prime minister naJiB mikati

amBassaDOr tOm fletcher amBassaDOr mOhamaD BallOut

mr. ali BaBaJan

Dr. mOhammaD sayegh